The intraday EUR/USD has triggered to two pattern breaks on the 15 minute chart and the subsequent Forecast area have left behind some excellent support and resistance levels to keep an eye on. The first pattern break can be seen on the Continuation Rising Wedge break as prices — on low Initial Trend — broke the uptrend line resistance and moved sideways across the bottom of the Forecast area. Since this break did occur on a weak trend, the lack of follow through along with the resistance of the Forecast area kept prices from moving higher.
The Continuation Channel Up pattern is the current set up to watch as prices are testing the uptrend line support and look very close to a breakdown. However the high Initial Trend could indicate that this is
merely a correction to uptrend line support and the continuation could find buying support as prices move along support between 1.4980 and 1.4965. Remember that if prices do want to move higher off the
channel support, the Forecast area waiting from the the wedge is waiting between 1.4990 and 1.5020. If prices do break lower down through channel support, initial support will come in at 1.4940.
Both charts alerts courtesy of Autochartist.
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